This week the commodity markets have been focused on the re-election of German leader Angela Merkel, US Federal Reserve tapering its stimulus program and upbeat Euro and Chinese data.
And so you ask what’s that mean to the markets… based on LME prices, not much. LME Nickel as an example is currently within USD10 of its price last week.
The AUD/USD on the other hand continues to rise and currently sits at 94.20
**** METALS-Copper eases for 2nd day, rising supply weighs****
SINGAPORE, Sept 23 (Reuters) – London copper slid 0.8 percent, falling for a second straight session and moving further from four-week highs on worries over rising global supply.
The decline came despite upbeat manufacturing data from China, which accounts for 40 percent of international copper consumption.
**** China HSBC PMI hits 6-month high as demand rebounds****
BEIJING, Sept 23 (Reuters) – China’s factory sector grew at its fastest pace in six months in September, a preliminary survey showed on Monday, adding momentum to a tentative turnaround in the world’s second-largest economy since the middle of the year. The earliest reading of China’s economic performance in September reinforced confidence the government could meet its growth target for this year, and boosted Asian stocks as investors hoped it was a precursor of more good news.